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Varney Company

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TOPIC FREQUENCY

Cyprus 25, Us 23, America 11, Mexico 9, Lifelock 8, Europe 7, Boeing 5, Russia 5, Nicole 4, Glenn 4, Gethelp 4, United States 4, U.s. 4, New York 3, Washington 3, Imus 3, Scott 3, Ryanair 3, Lyric 3, Rhode Island 3,
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  FOX Business    Varney Company    News/Business.  
   Wall Street news. New.  

    March 19, 2013
    9:20 - 11:00am EDT  

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and can they be on the show. i said of course. and i sent an e-mail back, just kidding, does glenn have to come on? and i don't know why they got back together. apparently thought i wasn't kidding. they have a cd, but we can get delbert to do a song without him, do you have a request. i'll just say you requested a song or two. did you know i blame most things on you every day anyway? broken garbage disposal, imus. rainy day, imus. burned toast, imus. so, well, that was just a joke. he can bring glenn with him. connell: of course. imus: we'll just turn glenn's mic off. we're going to do sports after the break here because we fooled around and well, we didn't get it done. speaking of delbert mcclinton,
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this is delbert without glenn. ♪ seemed to work out all right for him, but maybe that's glenn hollering. ♪ ♪ you got a roof that don't leak ♪ ♪ the rain pouring down ♪ ♪ she's got a place i can sleep ♪ ♪ she got a lock on the door ♪ ♪ but she gave me a key ♪ ♪ she don't wash the floor, but she worries about me ♪ ♪
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♪ imus in the morning ♪ >> here is the big question, what happens if cyprus says no to the bank deposit seizure. good morning, everyone, there's a vote in a couple of hours and a no is widely predicted. if that happens, what then? cyprus doesn't get a bailout from europe. they are flat broke, they're flat out of cash. there are a couple of options if there's a no vote. the russians step in with cash in return to the rights to cyprus' off shore oil and gas. if that happened, europe might relent to keep the russians out and give cyprus the money they need, or cyprus just flat-out
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crashes, leaves the euro system and shakes up markets from here to tokyo and then of course, there could be a yes vote. clearly, it's a fluid situation and we're on it. "varney & company" is about to begin. friday night, buddy. you are gonna need a wingman. and my ch back keeps the party going.
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>> good morning, everyone. it's tuesday, march 19th and now, not even the annual easter egg roll is safe from sequester cuts. a white house memo says the event could be cancel. that's right, an easter egg roll meant for children of military families may not happen. now, i've got another sequester related story for you. food stamps are alive and well and usda still promoting food stamps in mexico. it's an outreach program south of the border. here is how you get free food when you head north. senate democrats will not allow it to be cut or trimmed. so we've got cyprus, easter egg roll, food stamps in mexico and they're making headlines this tuesday morning and then of course we have the markets.
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here is a stock you're going to be talking a lot today, certainly we are, lululemon makes yoga pants, now that, and pulling shipments from one of the popular styles because they're too see-through and they're taking them off store shelves as we speak. it will cost the company millions and the stock is getting hit. it will be down. but not the overall market. we've got solid numbers from the housing market earlier this morning, and we are looking at a small bell when the opening bell rings in just a couple of minutes. plus, we have news, can russia come in and bail out cyprus, cash for oil? obviously, we're on that one and we're also talking about two chief executives from two different companies. one did a bad job and got fired. the other did a good job and double his pay. the opening bell coming up. [ indistinct shouting ]
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>> we've got the a minute to the opening bell. vote in cyprus a dominating the feelings as we enter the trading session. let's bring in scott out of chicago. it's possible that cyprus says no to the bank deposit seizure. if that happens, what happens in the overall world market? can you take us through it? >> i don't think you can hear
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me. he's got his head down and the man wearing the cow jacket. he's got his head down. what, what? okay i've got to tap dance for a second because scott was tend to go a trade, i do believe. i've got the opening bell ringing in approximately one minute and i should tell you in the news background we've got, i'm going to call a solid housing numbers. 917,000 new housing starts, that's the number from february, that's a pretty solid number and if you look at permits, permits i should say, for the next few months, and 946,000, that's very, very strong number. so good numbers from housing. we've got scott shellaby paying attention, cow jacket and all. if there is he' a no vote in cyprus, no, we're not going to seize bank deposits, we're going broke. take me through it. what happens? >> slowly, but surely no matter what happens it will be on the headlines for probably another week or two, but move to the back pages and we're going to see the u.s. economic figures to
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the forefront and that's more important. the u.s. economy, china and although there is a big idea they're stealing customer's money and savings accounts is abomination, i believe it's a different european country. entered the european union in 2008, i don't think it will be as big of a deal as people think, i think it will be on the headlines for two weeks. stuart: all right, let's see what's happening on the opening bell, upside. and i'm looking for a gain of 20, 30 points for the time they're open, 10 points higher, 14,462. nicole, let's bring you in. one of your favorite stocks, we're watching it closely. yoga pants, they say they're too sheer. in other words, you can see through them. i think that the stock is way down. nicole: it is way down. it's going to hurt their bottom line. and they're talking about bringing in the pants that are sheer. that basically is like a fall for the company, you can't have
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pants that are sheer. i have to admit my lululemon, i noticed recently is sheer and it's no joke and you're able to bring them back in, but it's going to hurt their revenue and bottom line. it's about 17% of the women's yoga pants that are affected. and the level of sheerness is considered unacceptable and it will hurt their revenue and same-store sales going forward. the stock is down. >> we follow the stock, it's been a rocket ship from day one, up and down, up and down and always subject to this kind of development. i find it fascinating. last word to you. >> i was thinking how it was over $100 a couple of years ago and then they did the stock split. we used to joke, what's more expensive, the stock or the pants? obviously, remember, on "varney & company" we talked about that, but i can't walk around with a sheer rear end. it's unacceptable. stuart: and nicely put, nicole. thank you very much indeed. we'll get back to this and your
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story in just a moment. i've got two other big names we're watching for you. first of all, electronic arts, the chief executive steps down and takes full responsibility. john madden football game was-- it's 18 on ea. a different story at ebay, chief john donahue's salary about doubled, 30 million after the stock gained 70%, a lot of that thanks to paypal of course, and we have ebay up at 51. and nicole, boeing got a big order for 787 discount ryanair. when i say discount, i mean deep, deep, deep, deep discount. what's the stock? >> up arrow there, you can see it right now, 85.79 for boeing, 15.6 billion dollar deal for these passenger jets from
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boeing, 175 people passenger jets. this is obviously a deal that they just announced and low cost carrier of course, ryanair is, it's a big deal for boeing and that's why you're seeing an up arrow. by the way, the market, i was looking to see where it was. stuart: ryanair is the organization that removed two bathrooms from the back of the plane so they could put in more seats and make more profit. nicole: i did not know that. stuart: and then they charge you for a bathroom visit and charge you for some water and charge you for hand luggage, but they're wildly profitable. nicole: i wonder why. stuart: maybe the future for all of us. the dow is up 47 points, we're close to-- we just crossed 14-5 so it's a healthy rally this early morning, maybe people are paying attention to scott shellady and the cyprus vote will fade away and people are paying more attention to the economic numbers here in the states. let's get back to the cyprus vote and bring in keith
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fitz-gerald. welcome back, i want to talk to you about the cyprus vote. if it's a no vote, scott says no big deal. what say you? >> i disagree with scott, i think it's a big deal because it sets the stage for a very, very dangerous precedent. i would not be surprise if russia comes this cash or oil and i wouldn't be surprised if china strikes a similar deal. stuart: that's interesting, that becomes an international intrigue power play 'cause if they vote no, we're not going to seize bank accounts then they don't get the bailout money from europe. in come the russians with an offer, we'll give you the money, but we want your oil and gas. that's a whole different ball game, isn't it? but does it affect the markets if it plays out like this? >> you bet it does. i think this ere's a couple of levels. when the banks open in cyprus, 5 or 10% of the capital is going to flee he tthe market and go t other jurisdictions and renewed interest in gold people figure
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out the first time their bank deposits aren't safe. i think you'll see a change in the united states market tenor, in the banking community. a lot of investors are concerned with what they do with their cash, old bank robber, willy sutton, wise to go after the banks, that's where they keep the cash. stuart: do you think that's a serious threat that the u.s. government could come after our private bank deposits? yes, i do. they may not confiscate it as cyprus tried to do however there are plenty of ways to get at it. taxes, you're forced to invest in government securities and under the guise of the financial systems, yes, it's a valid concern and the bank defenders will not acknowledge it u and we've got the dow up 39, 40 points at the moment, a shrug from the stock market at the moment. >> yes, it is. stuart: you think this has no impact on the stock market, more on gold and banking stocks, you think? >> i think so, again, what it does, it calls into question the
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integrity of the financial community and that's what central bankers and legislators fear most. it's not the markets themselves, it's fear of the market and fear of stability because that is what drives confidence and one thing that bernanke can't afford to lose right now. stuart: here is what i think might happen. a no vote, the russians step in, europe says we can't have russia, and they step in. >> i think a power play and progression of events, but i would not count out the chinese in this one. stuart: keith fitz-gerald. thanks. the latest proposal from new york's nanny mayor, mike bloomberg. he wants all stores in the entire city to hide their cigarettes. no display at all. the public's just not allowed to even see them. this comes a week after a judge rejected the mayor's attempted ban on large sugary drinks. you can bet we have more.
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judge napolitano offers his opinion in the next hour. e-mail us now, varney@foxbusiness.com, come on, please. i've got seven early movers this tuesday morning. let's start with the world's largest money manager, that would be black rock, laying off 3% of its work force, that would be about 300 people. it is restructuring, virtually not changed on that news. then we have citigroup, it's agreed to pay 730 million dollars to settle a class action suit, brought on behalf of investors who were allegedly misled by the bank disclosures, nonetheless, citi at 46 up about 36. we call this the charles payne principle. electronic arts, the big chief goes and the stock is only down a fraction. then we have lululemon, one of its most popular styles, too see-through, oye, it's down. 4% loss there and back to the charles principle once more.
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new chief of head phone maker, skull candy, he's out and up goes the stock to the tune of 6%. one last one, big name you know, hess, agreed to sell assets in the alleging shale, it's down. not last one, we've got the biotech, cutting 75% of the work force and may be putting itself on sale. it's cut in half, that's affymax. and just show of 14,500. we say it every day about this time. time is money so let's get on with it, here is what else we've got for you on the monenu today an entire town heavily dependent on food stamps, a third of the population gets free government food. we'll talk with the mayor of wo woonsocket rhode island. hess test, they killed it, and
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will they get back now with the company? they will not. and three numbers provide a snapshot of america and scott rasmussen has them for us. how confident are you in your banks? how many of you are paying more for your groceries and are your personal finances getting better? scott, the answers, they're not pretty by the way. 10:45 this morning. we always follow closely the price of gas and oil. right now, oil shoes no change at $93.74 a barrel. this week, both president obama and john boehner agreed on something. we are not, repeat, not facing an imminent debt crisis. barrelling towards 17 trillion dollars in debt, what? me worried? we're on that one next. clients are always learning more to make their money do more. (ann) to help me plan my next move, i take scottrade's free, plus, their live webinars.
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that's right, 60 days risk-free. use promo code: gethelp. if you're not completely satisfied, notify lifelock and you won't pay a cent. order now and also get this shredder to keep your documents out of the wrong hands-- a $29 dollar value, free. get protected now. call the numr on your screen or go to lifelock.com to try lifelock protection risk free for a full 60 days. use promo code: gethelp. plus get this document shredder free-- but only if you act right now. call the number on your screen now! >> all right. to the big board, this tuesday morning, relatively solid housing numbers earlier. that's good enough for a gain of
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about 30 points for the dow and we're shy of 14,500. now to the debt. we are what, 16 trillion dollars in debt. it's going to be 17 trillion come september. president obama says we're not facing an immediate debt crisis and john boehner and paul ryan, they agree with it. debt crisis? and what do you think. and joining us here in new york, welcome back to the program. >> thank you very much. stuart: do you think we have an immediate debt crisis on our hands? >> i think we have an immediate need to act. we can see a debt crisis coming in the future and acting now will make it responsible. stuart: what do we need to do. >> reduce the debt over the long-term and recognize what the spending is that's driving that. mandatory spending on entitlement programs that are causing our debt. and as chairman ryan said, it's the most predictible crisis.
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american action forum strongly supports the ryan plan. >> we ran the numbers on the budget consistent with the principles in the house proposal and we saw that you get stronger growth, more jobs now, it's the responsible thing to do for the economy and sustains the viability of the safety net program. stuart: that's the exact opposite of what the president and the much of the left is saying. they're saying, you cut spending now and it's a real drag on the economy. we'll never get back to prosperity. cut spending, you can't do that. you're saying the opposite. if you cut spending relatively quickly, you get more growth in the economy. that's die metrically opposed. >> there's all the research that shows when debt is lower below 90% of gdp you grow rapidly. you have to be smart how you cut spending and recognize which spending is the problem, but you can't keep spending money you don't have and expect the economy to recover and grow, you can't do that and keep piling it up. stuart: all right, what would be the first item for a big cut? >> i think that, well, like i
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say, you have to recognize it's mandatory spending so medicare, medicaad, social security. social security is a good place to start. medicare-- >> but do you cut it or restructure it and reform it? >> restructure and reform, no doubt. these are-- it's not just an economics issue, you have to make sure that the programs are going to be in place. and the bugetary programs, but they're going bankrupt so people relying on them aren't going to have them down the line. stuart: if we did what the ryan budget proposes and we got some economic growth, we cut some spending and reform the programs and we get some growth, what kind of growth are we looking at? >> you know, you've got-- you have to get out of the new normal and you have to get above 3, i think to-- >> can we do that by cutting spending, long-term? >> i believe so. i'm certainly optimistic. >> so, am i. you know, i'm a newcomer to america. but you think it could be 3, 4% growth, better than that? >> i don't know how long it would take to get to that, but i think that we can get going towards that. >> with we've got one we really
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need. >> absolutely. >> does the american action forum say anything on energy policy? we've had somebody on our program yesterday use today run shell oil. he says, look, if we get out there and get the energy that is ours, underneath our territory, you could set off a boom. he mentioned 7% growth. >> yes. >> to the american action forum say anything about that? >> we certainly look at the huge amount of regulations that have piled up on top of the energy industry the past couple of years and i think if you can alleviate a lot of that regulatory burden and let the private sector in energy grow and thrive, let us become more energy independent you're certainly going to see growth. >> the big problem is, i agree with your entire philosophy, but it lost the last election, or did it? i mean, what lost the last election? that's a good question. i hope you can come back and see us, appreciate you being here. >> thank you very much. stuart: let's see it's now 9:47, almost 48. the gold report we're above $1,600 per ounce, down just a fraction today.
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how about this? minimum wage right now. 7.25 an hour. should it be higher, $22 an hour. that's what senator elizabeth warren says. what, $22 an hour? and more with charles and walking through the door now.
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>> there is nobody in this country who got rich on his own. nobody you built it it factory out there, good for you. i want to be clear, you move your goods to market on the roads that the rest of us paid for. stuart: i think that was probably the best statement of collectivism we heard during the campaign last year. elizabeth warren running for the senate in massachusetts and won by the way. now she started the whole you didn't build that movement. her latest statement on capitol hill involves the federal minimum wage. warren says that if we kept up with incrrases over the years in inflation, the minimum wage would be-- fanfare, $22 an hour. why are you smiling, charles. charles: she started where she wanted to start. and like any of these things, when it was enacted at 25 cents on fdr, 4.10 right now.
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and almost double what it would be from inflation from the very beginning, but she picked a convenient point in time. and here is the argument. the idea that somehow adults, grown adults, you know, particularly men, should be raising families on minimum wage, that was the argument the president made i think at the state of union and she's echoing that argument, this is a stepping stone, not something that-- never designed for people to live on per se, you get a high school kid, a teenage kid to get a summer job, they get minimum wage and learn about capitalism, it's a stepping stone and buy their own clothes and get a sense of pride. it wasn't designed for that. let's grow the overall economy so if you really want to instill pride in america, someone can have a great life. i hate the idea we're arguing about minimum wage and shows you how badly this country-- >> i think she's talking about redistribution, and that's what she's for. >> doesn't it sound friendly to
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tell everyone who is earning minimum wage or hopes to, that i'm fighting for you to make $22 an hour. well, guess what? it will be counterintuitive to what she's trying to do. she's going to kill jobs. she's going to prevent companies from being able to hire. stuart: hold on. >> you're not the going to get a job if she's pushing for this. >> but she may be thinking, you'll vote for me. >> right. stuart: if i tell every wage earner in the country that the minimum should be $22 an hour, which is a very high number compared to what many, many people earn, will they vote for her? is it a replay of november where you give stuff and you get votes back? >> we learned in the last election, everybody is voting with their pocket books and proven to be an effective strategy. charles: yeah, yeah, but ultimately if we talk about minimums in this country all the time. minimum effort, minimum skills, minimum innovation, and celebration of mediocrity, and we're all going to lose in the end.
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and people talk about the old detroit. a job on the line and put your kids through school. those jobs have dwindled. this is a new economy and you can't overpay people for minimal skills. stuart: it's brutal, but it's the truth. we're on cyprus vote watch. can the russians actually come to the rescue if there's a no vote in cyprus? they say no, we're not going to seize your bank account. that would mean that cyprus, essentially, goes belly up. will the russians step in with a bailout of their own? it's on the table and plus, the white house now threatening the annual easter egg roll. could it get cut because of the budget fight? is that really what we're cutting? that will be new at 10. don't want to make money. i love making money. i try to be smart with my investments. i also try to keep my costs down. what's your plan? ishares. low cost and tax efficient. find out why nine out of ten large professional investors choose ishares for their etfs. ishares by blackrock.
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bring all your finances together with the help of the one person who can, a certified financial planner professional. cfp -- let's make a plan. >> the white house sent out a memo saying the easter egg roll may be canceled because of the cuts. for 134 years, children rolled eggs down the white house lawn and celebrated a christian festival at the people's house, and now the president says the hands are tied, nothing to do about it. if you cut 2 #% from the budget, the egg roll might have to go, along with the white house tours. it seems the president has dug himself into a hole saying the sky would fall. it has not. instead, dumb, wasteful government programs are with us, and symbolic meaningful events canceled. how can e he retreat? reversing course means the president got it wrong in the first place, that you can cut
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the budget without serious injury. yes, you can. now, he's stuck, stuck with bad pr, stuck with declining ratings, stuck with what looks like a deliberately hurtful policy. the kids? they are stuck. they are stuck outside the white house fence trying to look in. ♪ much more on the easter egg roll thing coming up, but, fist, the cypress vote i should say, a vote expected in the next hour on whether to attack private savings account. if vote yes, the government gets the bailout from the europeans; however, a new vote is very likely. what then? the russians offered a solution. we'll bailout out if you let us drill for your oil and natural gas. by the way, russia has $30 billion in cypress banks. joining the company from
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washington, welcome back, it seems like not a financial story, but a political story with the russians looming on the sidelines. what say you? >> yeah, i mean, i guess, i mean the wholole tax thing could be perceived as a way t punish the russian investors who try to benefit from those, but i don't know if it's the whole story because i believe only 30-40% of those in cypress are russian, and so i agree, whether it's the taxpayers, who, again, bail out a country because their bloated government cannot take care of their own banks. >> when push comes to shove, do you think -- even if there's a no vote and they don't seize private bank deposits, do you think the europeans step in and provide enough money to keep cypress going toe keep the russians out? >> well, i, obviously, the
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cypress voters are daring the germans to say, no, we're not going to bailout out, and they kind of have a good precedent. until now, the germans have always systematically come to the rescues of irresponsible countries, and i guess they bet this is the case again. >> i don't think there's implications for america because i can't see any attempt to seize private bank accounts in the united states. what say you? >> i, no, you know, i agree. i want to agree with you, and i agree with you. i want to believe that there is still the respect of rule of law. that said, what we see in cypress, there's a government big enough to give you everything, that's big enough to take it all. >> what chance of con they onhere? so longer or later, the banks reopen, and when they do, odds are people want their money out.
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will people in spain and italy think the same and get their money out as well. is there a risk here? >> well, this is the whole story of the european, of this european crisis is this. it looks like the big fear is whatever happens in the country, the collapse in the country, whatever form it takes will triller panic in other countries, spain, italy, and even the french. i mean, the big french banks are in big trouble, not really on safe grounds, and so i think there is a real contagious issue. there is, also, i guess, a seed of anxiety in countries thinking, oh, wait a second. a deposit can be addressed in other countries, and if the european union or the imf is demanding this type of payment for bailouts, are we next? >> yeah, got it. thank you very much for joining us as always. thank you very much.
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>> thanks for having me. >> i need to ask you this question because everybody comes at me, and i'm sure you, as well, with the same question. they think about seizing private bank accounts in cypress. could we see that in the united states? i say, no, we can't. it's going to happen. are you as emphatic? >> they are doing it in payroll taxes, it's out of the paycheck before it gets to the bank account, stuart. i think this is, while it's a stretch, and maybe far away from now, i think it's setting in that it's a reality that could happen if things continue to get worse with the $17 trillion debt situation in the united states. >> well, we have the fdic guaranteeing deposits up to $50,000. you put in a thousand bucks, you get a thousand bucks out. how do they get around the problem that if you tax it, if you seize part of it, that government guarantee is nothing -- >> imminent domain, under an emergency, i think -- >> that would be dramatic to the
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extreme. >> you're talking about something ultimately very, very dramatic, but to dismiss it out of hand is a mace tick. >> the russians are shaking in their boots. remember a reason why the third of the money in the cypress bank accounts is russian is because corporate taxes are half what they are in russia. >> salivating at the idea to step in and get the oil and gas in the middle of the mediterranean and europe. >> it's not a stretch for people to be concerned this could happen here. >> okay. lulu lemon took a hit, and, of course, we'll ask nicole why. >> well, a serious issue here that they face is there's a level of sheerness in the very popular yoga participants saying they have not changed the manufacturer, the fabrics, but there is a certain element, a group of batches that actually have become sheer, and so that is a huge problem for them, and they say it's going to affect their numbers, and rightly so.
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i understand where that comes from. stock down 5%. their sales numbers projected are $10 million to $20 million less than the original sales number of 350 million, and what about the sale growth? the percentage of the growth, supposed to be 11%. they expect to see 5% to 8% growth. >> serious question, nicole. is see-through yoga pants a plus or minus? >> major minus, stop it, stop it. >> okay, okay, moving swiftly along. >> if i want something to be see-through, i'll let you know. >> she handled that very well. >> good job, nicole. >> let's move on, michael bloomberg pushing another new ban, this time on the public display of cigarettes not wanting stores to show them on the shelf. you can bet the judge, i'm sure
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he's got an opinion on that, aiming he'll be here to express it at 10:25. at the top of the hour, i give you my take on the white house threatening to cancel the easton egg roll blaming budget cuts. all right, everybody. i say the president is stuck now with a real pr problem because he's inflicting pain on highly symbolic events, refusing to keep them going when he could..3 >> without the doubt, this is the most pettying the for the entire presidency. any other -- the president -- you know what, things are bad, i'll pay for the things out of my pocket. that would be a pr stunt, but one, at least, good, fine, keep it going, but this is amazing. we do an easter egg thing at my house every year, and we have magicians, p pin yat thats, and
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we can't do it this year, it was heart breaking for me and the kids. imagine the white house saying they can't do it? it's crazy. whoever said this should be fired. it's nuts. >> they sent out a memo because they had to because there's tickets issued. if you issue the tickets and people paid for them, they have to be warned in advance if there's the possibility of a cancellation, and that's what they did. now, it's just a warning. it may be canceled. skeed yawled for april 1st, i believe this is this coming weekend -- no, the weekend after. what do you think? >> so, we're talking about the cost involved in the security of the event. >> yeah, all the people there. >> this really became so dire they couldn't -- they could not wosh into the budget to pay for the security of the event. the president could step forward, i'll take this out of my pocket. >> he did fundraisers that raised a few million dollars. you can't make some phone calls? hey, hollywood, send the cash. are you kidding me?
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you're canceling this? >> it's about appearance and making up for the fact that, you know, the moon didn't fall out of the sky. things are not bad, and so, now, it's the white house trying to construct this image that things are so bad after all of this, that we can't have the easter egg hunt. call off christmas. >> the united states funds programs that promote food stamps in mexico. the partnership between the usda, the united states department of agriculture, and mexico's government raises awareness about food stamps available to immigrants who come here. the number of noncitizens that will be legal imgrants participating in the program soared by more than a half million people in the last decade. it's now 1.23 million legal immigrants who get food stamps. i'm not sure that immigrants should be getting food stamps. >> yeah, it's -- it's just remarkable. it really, really is remarkable
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considering -- >> wait a second, they hold a series of meetings, health fairs, discussion groups, all activities in mexico to tell the mexican people, here's what the food stamp program is, here who is eligible, you come here, and look what you get. we won't cut that? >> meanwhile, the usda is preparing for the meat inspector furloughs. >> yes. >> and threatening the price of our hamburger to go sky high. what are we doing? the allocation of funds right now doesn't make sense. >> allocations or priorities. >> what are the priorities? inflicting political pain? >> yeah. >> speaking of food stamps, in rhode island, one-third of the residents are oned food stamps. joining us now is the mayor, leo fontane. thank you for being with us. >> good morning. >> one-third of the number, that
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was in the "the washington post," and it occurs to me with that number in your town, you can't possibly be in favor of any kind of trimming of the food stamp program. >> well, you know, it's unfortunate the story focused on wonsocket. they could have pigged any urban center or the state of rhode island. they are one in five people on food stamps, and nationwide it's a debate going on, and if anything, it's a positive thing that keeps the controversy and discussion over the food stamp program as a whole going on. >> you see, what amazes us is, you know, is this america? is this what america's about? one and a quarter immigrants getting food stomp? one-third of the people in your town, similar numbers all over the country. it seems that's not quite the america that we want to see. what would be your comment on that? >> no, i agree. this comes down to a point as to whether or not we're
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receiverring a need or creating a need. when it comes down to it, here in rhode island, a study was done showing the massive abuses of the programs, food stamps given to individuals that are deceased, food stamps going to people in prisons, and i know you spoke about this before, but i ended up pulling up -- this is the application you can get on the state of rhode island's website for food stamp, and it's no surprised we have a high number. look at the top of the application, it lists our address, where to go, where to get, and the thing most interesting, and you'll appreciate this, the very back page of the application has a voter recommendation strags form. that's the root of the problem. receiverring a problem or creating a problem. >> i got to say, europe, i'm surprised to hear you say this. i thought i was going to be talking to a man who was a vigorous defender of the food stamp program because your town is so reliant upon it, but you are critical of it? >> well, don't get me wrong, there is, i think, a real need out there, and and i think that
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we all have a speedometer to try to serve those and help the people that have a real need, but when you look at the priorities and you read through the story in the washington post and they talk to the individuals on these programs, and they talk about how they have to decide how to spend their money whether it's on their cell phone bill, whether it's to pay their represent, or their bill to the tattoo parlor, and these are the things that make the working people trying to make the bills scratch their heads saying what's this about? >> you got it right. leo, the mayor of woonsocket, rhode island. thank you for being honest and forthcoming, sir. we appreciate it, it's unusual. >> i appreciate it very much, it's a great discussion to have. >> come again. >> thongs. >> the -- >> thank you. >> the chief at the madden football games is stepping down. bearing in mind the charles pape principle, the chief goes, what happens to the stock? i fear it's down. >> yesterday, after the bell, it
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was up and now it's down. the question is what is the real problem? is it the ceo, himself? is it the fact that he had a very weak holiday season? "medal of honor" didn't do as well as they hoped. the exit is not a surprise to insiders at all, and experts and analysts that follow this, they are saying, however, that after his six years there, this was perfect timing to get out, march 30th, because it makes sense that the transition at the end of the fiscal year, ahead of next generation consul launches and strong second half title lineup from the hot titles that are due out in the second half, battlefield and ea sports. we'll see if they turn around, but, obviously, right now, it's hitting the stock. >> thank you very much, indeed. the dow at 14500. what is a pastry chef or artist know about fracking? maybe not that much, but they lobby against it anyway. more on that next, but, first, one thing you missed in the first hour. can american investors len
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what's happening in cypress? >> for the first time, the bank deposits are not safe. you'll see a change in the united states market. not in the stock market immediately, but in the banking community. investors i talked to in the last 24 hours are very, very concerned about what they do with their cash.
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>> lulu lemon's stock taking a
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hit. they pulled some participants because they are too see-through, and shares down nearly 6%. ryan air giving boeing a boost this morning after securing a 16.6 billion deal. they got a big discount on the 175 planes. shares of boeing up on the news. 8568 # on boeing right now. ryan air shares, now, believe me, these people deeply discount, pay for everything on the ryan flight, at $41 bucks a share, up 2%. gas prices up, up, less than a penny overnight, but they were upkeeping steady over the last week, the national average at $3.69. oil right at $93.66. we're watching the cypress vote expected within the hour. right now, the dow is up 48 points in advance of that vote. to meeting patient needs... ♪ wireless is limitless.
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gain insights, and figure out what you want to do next. all in one place. i'm meredith stoddard and i helped create the fidelity guided portfolio summary. it's one more innovative reason serious investors are choosing fidelity. now get 200 free trades when you open an account. >> time for charles to make us money with rack space. >> you know rack space, we have one of the guys who comes on the show all the time, cloud computing play. last quarter, miss the, but not by much. high volume play, the stock was hammered, and i think it will consolidate, support at $50. >> cloud computing play. you store yourself in the cloud. >> in the cloud. they are -- >> dedicated to you so you can plug in any of your machines, any equipment, and get the stuff down from the cloud? >> absolutely, in a data driven world, absolutely. they did the hardware stock. >> you have to slow down for me.
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>> by this stage of the gauge, you know -- >> he uses cloud computing, but he do you want know what it is. >> starting with the calculator -- okay, moving on. rackspace under pressure, but it will be back to $65 a share. >> 65 is the target? >> a 52-week high is 81. i'm looking for a bounce. >> there's viewers say it's tuesday, march 19th, and they say, charles said rackspace goes to 65. >> oh, believe me, i know. >> we have a new group to make a group of artists against fracking into a lobbying group including yoko ono, lady gaga who want to register as a lobbying group as they are supposed to. by registering, they have to disclose how much money is raised and how it's spent. do the celebrities know what they are talking about? just listen to this. >> there's proof that it really is a clean way of getting natural gas from our shale beds.
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go look at the people who aae actually working, trying to save their farms, their land. up until recently, the epa was an unregulated technique, fracking, by the epa. this is all very new. >> that was a pastry chef on our program a few weeks ago, okay? she said, no fracking, please. we adopt know enough about it. here's the question. with the celebrities, the celebrity chefs, they are supposed to recommendation steer as a lobbying group. if they do that and lobby against fracking, we find out how much money they've been spending and how it's been spent. odds are, it's a lot of money, swelty people are involved. >> and could become influential. i don't have anything against pastry chefs. i have respect for them, top chefs, pastry chef, but if you have an opinion, have a fact proof opinion. i saw that interview. it was irresponsible.
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they are very much like their friend, daryl hannah. they only use facts to back up their points, aced voiing the others. we are talking about fracking in an economically depressed area of new york they bash and speak out against. we have a right to know how they raise money and how they spend it. >> we do. that's my area. i have a property in that area. >> i also think, i'd like to know how responsible do they feel for the people not getting jobs? you know, in pennsylvania, we're talking about a couple hundred thousand jobs, billions of dollars in tax revenue, revival of the state. what does mark say to the people in new york state, unemployed, at a table, waiting for food stamps because they can't feed the family, although, right outside, there's an amazing fracking job to make the person independent, strong in pride. >> mark's involved? >> yes. >> another day, another new proposal from mike bloomberg wanting to ban all cigarettes from public view. stores have to hide them. the nanny state in what was the
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>> all day long this tuesday morning, a modest gain for the dow, up modestly, 30 points
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higher, walgreens up higher, why? >> new hi for walgreens, up big time, indeed, 7% right now. that is a big move. walgreens and their partner signed a ten-year deal with amerisource, taking a 20% stake in the company ending the current contract they have with cardinal health. picking that up, dumping cardinal healthing and, obviously, this is obviously in their plan to growth and you're seeing the shares gaining. big time. >> 7% is a big gain for a company that size. it is. thank you a the 4r0. mike bloom berg, the nanny may yore of new york city at it again wanting all stores to hide seg represents, no longer in view. this is a week after the judge rejected the mayor's io -- attempted ban of the sodas.
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what's your take? >> well, it violates the free speech rights of the seller because the seller has the right to offer his product for sale and to offer it in such a way that the potential purchaser can see it, and it interferes with federal regulation of advertising tobacco product. the feds have preempted the field that is taken all the regulation unto themselves, and as long as you comply with federal regulations, you advertise the product. federal regular lace has to do with the warnings, the dangers of tobacco, the font size, the characters, it's detailed, but a state or local government can't interfere. >> can't do this. >> no, not at all, but i'm not surprised because this is his temperament which he makes choices for us. he knows better than we how we should live our lives. >> okay, one other point, don't they encyst on hiding pore pornography, certain types, perhaps, that they insist be in
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a bam room, closed off, no kids, not advertised publicly. >> that i'm unaware of a law that requires that. i understand there are customs, but a tradition or custom that shields it, but i'm unaware of a statute that requires that. >> the bigger picture here, what do you make of mayor bloomberg because he seems to be being rejected on many attempted initiative like the drink ban, for example. there are others. >> as we speak, the concept of stop and frisk, the concept the police stop you without probably cause or suspicion of wrong doing and frisk you and hope and expectation of finding something is ruled upon -- being studied by a federal judge as we speak, there's a trial going on in lower manhattan. preliminarily indicated -- >> the judge? >> probably going to enjoin it,
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but it remains how the fact turns out. he'll -- if she does, he'll suffer setbacks in the efforts to take away personal freedoms for safety or health. >> okay. two other items fast. the supreme court ruled that a graduate student can resell his or her textbooks in the open market without permission from the publisher. you say? >> this should not be newsworthy, but it is because the federal court here in new york city enjoined that saying you need the permission of the copyright holder preventing every backyard sale that we have if you sell something that was once copyrighted. you can resell a book, a computer, a dvd. >> i said i didn't think the government would seize anybody's bank account, viewer e-mail says what about roosevelt's seizure from gold in the 1930s? that's a value it example. >> he seized gold by executive
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order and paid you for it in an amount the government said was the fair market value and sold it for more. >> is that different from seizing a bank account? >> i don't know what it is. when the government takes your property against your will and inadequately compensates you, that's that. >> i should be more worried than what i am. >> i think you should. >> you've never been to a yard sale in your life. [laughter] twinkies, back on the store shelves, and no union labor, so why did the unions kill hostess in the first place? the union defender, next. [ shapiro ] at legalzoom, you can take care of virtually
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blame for the twinkie going under. they brought that money and because the unions are not part of the picture. unions took a black guy. >> that was kind of interesting. you say they took some of the blame. exceptionally open-minded of you. i agree. usually, you are more one-sided than that. look, this is a company that had seven ceos in one year. they poured the concerns, the money they made, they gave it out to employee supervisor bonuses. they were in and out of bankruptcy court. stuart: the reason i raise this issue is the way unions structure their work patterns and rules is so out of date that you cannot run a modern company
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efficiently with union work rules. if you want to run an efficient company, you exclude the unions. you are yesterday's story. you are not the future payback i do not agree with that last part in the least. i do think the unions need to be more flexible and need to realize things have changed. unions have been slow to realize that and to adapt. i think you are absolutely right. companies cannot function well when there is an unnecessary set of rules that they have to deal with. unions used to be based on construction sites, on factories and one mind. that is where he came out of. unions need to adapt to young
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workers, to a changing work environment. they cannot expect that to adopted them. i do think he has that drive. i do not think they have achieved that yet. the problem is, companies also, unions need to be more flexible. companies need to think beyond the quarterly report. they need to think about what is good for the economy as a whole. stuart: would you eat a non-union twinkie, phil? >> you ask me a variation of that question every time i am here. stuart: you know the question. would you eat a non-union twinkie? >> first of all, i would not eat a twinkie. what i would do is i would
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patronize the company. stuart: you got out of that one. all right. thank you very much, phil. it is good to see you and we will bring you back soon. we will offer you a twinkie bought by me when they are back on the shelves. what is going on with chesapeake energy? the stock is moving. nicole: did you actually say you are going to buy something for somebody should mark that should be the headline right there. chesapeake being cut today to an under performer. making available $2.3 billion
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this move for chesapeake energy under some pressure. stuart: the situation of cyprus. it is scaring people. how confident are you in this country's banks? we have some numbers for you coming up. ♪ [ cows moo ] [ sizzling ] more rain... [ thunder rumbles ] ♪ [ male announcer ] when the world moves... futures move first. learn futures from experienced pros with dedicated chats and daily live webinars. and trade with papermoney to test-drive the market. ♪ all on tnkorswim. from td ameritrade. omnipotent of opportunity. you know how to mix business... with business. and you...rent from national.
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stepping down. he is taking responsibility for the companies bad numbers. he makes john madden football games. the stock is down 80%. a race for the company's strong performance. we have the chief double his salary. $30 million. the stock is up some more. hundreds of thousands of other people flock to st. petersburg square this morning. both francis stuart the square greeting people. coming up in a moment, financial america. ♪
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thank you orville and wilbur... ...amelia... neil and buzz: for teaching us that you can't create the future... by clinging to the past. and with that: you're history. instead of looking behind...
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delta is looking beyond. 80 thousand of us investing billions... in everything from the best experiences below... to the finest comforts above. we're not simply saluting history... we're making it. stuart: all the greek things down there today. a feeling they may need to supply the euros to cyprus. there will be a lot of running four euros. charles will make some money for us now with the. charles: this is a group that was decimated. the fha call 1.1 trillion loan back. they are 13 billion in the hole.
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it is opening up the door for private insurers. delinquencies have gone down. these guys will be big-time profitable next year. i think the stock moves ahead of that. stuart: thank you very much. that rasmussen is back with us. you have a snapshot of america. people, whether or not they trust thinks. tell me, what are they saying? >> 53% of americans are confident in the stability of american banks. both for the meltdown, 68% were confident in the stability of the banks. we have not seen a recovery in this foundation. stuart: cyprus does not help. i want to move on to higher grocery prices.
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>> these numbers have been high for a long time. 86% say, yes, this is something we see in our daily lives. the number of people who are very concerned about inflation is actually got a couple points from a month ago. people see some bad science, see some good signs, and they are really concerned about what is coming. stuart: are you better off now? you asked that question. what did people tell you? >> be asked them if their situation now is getting better or worse. 39% say worse. these numbers are not great. they are better than what they were a couple of years ago. we asked people who are working about their employment situation. 22% say that their firms are hiring.
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21% are saying that their firms are laying off. we may be heading to another disappointing second third quarter. stuart: ouch. scott rasmussen, thank you very much. >> thank you, stuart. stuart: the agriculture department will continue its food stamp outreach program in mexico. here is my take. forty-nine years the u.s. virginia staffers have been holding meetings, conferences, health fairs in mexico trying to raise awareness for america's foodstamp programs. senate republicans wanted to trim the program. some democrats beat back the challenge. there will be no cuts to the program in mexico. none. make the cuts hurt. protect some select groups. in this case, immigrants.
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why are we encouraging evidence to apply for food stamps? why? i am an immigrant. do not come here to eat your food. i thought they came here for rights. they are still encouraging immigrants to come here to get free food that we cannot even pay for ourselves? we can cut and we should cut. government is bloated and we all know it.
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stuart: here comes the pain of sequester. or does it? sending out 800,000 furlough notices starting on thursday. these were low. will cover 11 pay periods. this was -- here comes the pain. how painful is that? eleven pay periods.
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how painful is that? charles: it will be painful for those individuals. there is no dow about it. with this wreck the economy at a point where we were just getting traction? the answer to that is, no. how painful would it be to not do this now. this is what everyone has to be honest about. to what degree do we want to take the pain? how about no job forever? if you do cut spending and to cut it now, it is actually good for the economy. i do not know how painful if you have one day off without pay every now and again. it is not painful for the overall economy, according to our last guest.
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>> it is not that painful, then the white house is in another part position. they have cried wolf. stuart: you still have this difficult pr situation for the white house where they are saying we have to cut here, here and here. we have to cut that. we are not good to cut that outreach food stamp program in mexico. that is a pr nightmare, i would have thought. charles: very revealing for most americans. stuart: the dow is up only 15 points now. we have been up this to get laid more than this. and just a couple minutes, a bill will be presented to the parliament in cyprus. it will be a guest, no low. it may make a big difference to
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our market. the highlight reel is next for us. ♪ offee and free wi-fi. marie likes the same thing. she's an identity thief who used this device to grab his wi-fi signal, steal his identity, file taxes and get his return. now she's got his money, and he's got a problem. >> looking forward to your tax refund? so are identity thieves, and they can steal your identity without you knowing it in order to get your refund. it happens to thousands of people every year. you have to be proactive when it comes to identity theft, especially during tax season. >> announcer: every year, millions of americans learn all it may take to devastate your life is a little personal information in the wrong hands. your identy needs protection, and no one does it better than lifelock. >> identity thieves steal from everyone. you have to protect yourself. i protect myself with lifelock. >> announcer: lifelock offers the most comprehensive identity theft protection, period. and lifelock ultimate was named
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stuart: call it the cyprus highlight reel. here it is. cyprus do not get a bailout from europe. they are flat broke. >> government big enough to take it all is big enough to give it all. stuart: we will bail you out if you let us drill drill oil and natural gas. >> it is absolutely a valid >> people paying more attention to our economic numbers here in the united states. stuart: i have some news on the cyprus situation. they may delay this vote again. >> that is right when these markets turned almost there. the vote could be delayed further.